Corporate Responsibility » Corporate Governance » Internal Accountability
The Group’s assets are insured against loss with cover being taken out above predetermined levels of self insurance. In the event of disaster recovery circumstances, detailed business continuity plans will ensure that the Group’s business will continue with the minimum amount of disruption.
Legislative and regulatory compliance
Regulatory compliance is of importance due to the frequent amendments to the regulatory framework in South Africa. The compliance function resorts under the Company Secretary, who is responsible for the general monitoring of regulatory requirements and is also involved in implementing the requirements of recently enacted legislation.
The most significant codes and legislation that have impacted the Group during the reporting period are:
– King III;
– The Companies Act 71 of 2008 (as amended);
– The Consumer Protection Act;
– The Foodstuffs, Cosmetics and Disinfectants Act;
– The Standards Act; and
– The Regulation of Interception of Communications Act (RICA).
A comprehensive review of the Consumer Protection Act was conducted and the Group’s employees have been trained to ensure that they understand and are in a position to implement the new requirements. The Group has also conducted a review of the requirements of the Companies Act and has implemented various measures to ensure compliance with the Act. The Board monitors compliance by means of committee reports, which include information on any significant interaction with key stakeholders, including regulators, and through the activities of its Audit & Risk Committee.
The Group does not engage in practices that could prevent others from competing with it or that could adversely impact customers. External legal advisors were engaged to advise the directors and management of the contents of issues arising from the Competition Act. These advisors are currently developing a competition compliance framework and programme for the Group. During the reporting period, the Competition Commission (“the Commission”) referred a complaint of alleged anti-competitive behaviour against Computicket (Pty) Ltd to the Competition Tribunal for hearing. The Commission’s investigation into the alleged anticompetitive behaviour against various food retailers is ongoing.
Political donations and affiliations
Whilst the Group supports the democracy in South Africa, it does not make donations to individual political parties.